Claims
The federal insurance regulator – silent during the election campaign on proposed changes to reinsurance – plans to talk to the industry after the holidays, a senior official with the federal Office of the Superintendent of Financial Institutions (OSFI) said Thursday. “We are re-looking at some of the changes in the paper and after Christmas […]
By Greg Meckbach | November 29, 2019
3 min read
Canada’s insurers appear to be getting a handle on their property lines claims ratios, although auto lines are still in trouble.
By David Gambrill | November 28, 2019
HALIFAX – Nova Scotia’s transportation minister says the cost of removing a construction crane that toppled in downtown Halifax during post-tropical storm Dorian is at least $2-million. Lloyd Hines says the province is examining invoices from an engineering firm and the crane company in an attempt to confirm the final number, and once it does […]
By The Canadian Press | November 28, 2019
2 min read
Drivers in Quebec who are found guilty of a second impaired driving offence will be required to drive vehicles equipped with an alcohol ignition interlock device for the rest of their lives, the province’s government-run accident benefit provider said Monday. What effect will this have on insurance rates or claims in the province? “Of course, […]
By Jason Contant | November 27, 2019
MONTREAL – Quebec is bringing in a new measure for impaired drivers that will require repeat offenders to pass a breathalyzer every time they drive, in what one expert describes as among the toughest policies in the country. Beginning Nov. 25, people found guilty of a second offence will only ever be allowed to drive […]
By Jason Contant | November 26, 2019
Ontario’s Court of Appeal has upheld a ruling in favour of Intact Insurance Company in a priority dispute over who is afforded coverage when operating a rental vehicle. In a decision released Thursday, the appeal court found that liability coverage for rental vehicles is available under the standard Ontario Automobile Policy (OAP1), but only when […]
By Jason Contant | November 22, 2019
TORONTO – Bank of Canada governor Stephen Poloz wasn’t asked about climate change risks at a discussion about economic change and emerging risks on Thursday, so he brought them up himself. “It’s about the transition risk, right, as everyone’s portfolio and all their lending practices kind of converge on a different climate trend line, that […]
As the 2021 deadline for IFRS 17 implementation rapidly approaches, insurers would be well-advised to consider a data hub strategy to accelerate their journey to analytics, a speaker stressed last week at the Canadian Insurance Accountant Association’s Fall Technology Seminar. This was one of the “thoughts from the field” – or lessons learned – that […]
By Jason Contant | November 21, 2019
KITCHENER, Ont. – Waterloo Brewing Ltd. says it has lost $2.1 million in what it calls a social engineering cyberattack. The Ontario brewery says the incident occurred in early November and involved the impersonation of a creditor employee and fraudulent wire transfer requests. Waterloo Brewing says it initiated an analysis of all other transaction activity […]
By The Canadian Press | November 21, 2019
1 min read
An Alberta court case serves as a reminder that parties to commercial insurance contracts need to spell out their assumptions and expectations using plain and ordinary terms
By Don McGarvey, Senior Partner, McLennan Ross LLP (Edmonton) and Joel Franz, Associate, McLennan Ross LLP | November 20, 2019
4 min read
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